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<br />(.,....."-,, <br />i . \ <br /> <br />7. CONTRACTOR has supplied a letter dated December 8, 1993. attached hereto as ATTACHMENT <br />1, requesting an extension of the time of completion of one year to January 27, 1995, pursuant to <br />paragraph 8.3 of the ORIGINAL CONTRACT, and explaining the need and reason for the extension; and <br /> <br />8. The CONTRACTOR has submitted a second letter, dated September 22, 1995, attached hereto <br />as A IT ACHMENT 2, requesting that the time of completion be extended to January 27, 1997, for a total - <br />of three years extension past the date of completion as set forth in the ORIGINAL CONTRACT; and <br /> <br />9. The STATE is satisfied that the CONTRACTOR'S request for an extension of three (3) years is <br />reasonable and necessary due to difficulties in obtaining suitable materials for the Project and due to <br />delays caused by extensive damage to the CONTRACTOR'S facilities from flooding, as described in <br />CONTRACTOR'S letters; and <br /> <br />10. CONTRACTOR has requested that the loan amount be adjusted due to ordinary fluctuations in <br />construction costs; and <br /> <br />11. Pursuant to 37-41-113 CRS, the CONTRACTOR has authority to borrow money provided that <br />said borrowing be duly approved by a majority vote of the electorate of the District and to levy <br />assessments assuring repayment of the STATE-according to the terms of the contract, and that on-June <br />6, 1995, an election was held which resulted in a majority in favor of borrowing the additional funds for <br />the project, attached hereto as ATTACHMENT 3; and <br /> <br />12. The STATE used the March 1994 Engineering News Record Construction Cost Index for <br />Denver, to calculate an increase in construction costs of nineteen percent (19%) which amounts to - <br />$61,750 based on the original loan amount of $325,000. <br /> <br />NOW THEREFORE, it is hereby agreed that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT, consists of the payments which <br />shall be made pursuant to this Amendment and the promises and agreements herein set forth. <br /> <br />2.- This Amendment-is supplemental to the ORIGINAL CONTRACT and all terms, conditions, and <br />provisions thereof, unless specifically modified herein, are to apply to this Amendment as though they <br />were expressly rewritten. incorporated, and included herein. <br /> <br />3. The ORIGINAL CONTRACT is and shall be modified, altered, and changed in the following respects <br /> <br />only: <br /> <br />a. Replace paragraph 8.3- with the following: <br /> <br />B.3. Cause construction of the project to be completed within five (5) years of the date <br />of this contract, in accordance with the PROJECT plans and specifications and any <br />necessary modification(s) thereof approved by the STATE. This time may be extended <br />by the STATE in writing if such time is insufficient because of circumstances beyond the <br />control of the Contractor. The CONTRACTOR must produce justification of any such <br />circumstances. <br /> <br />b. Replace paragraph 8.13 with the following: <br /> <br />8.13. Principal Amount, The principal amount of the loan shall be the total amount of <br />funds advanced by the STATE to the CONTRACTOR under the terms of this contract, not <br />to exceed the amount of $386,750, hereinafter referred to as MAXIMUM LOAN AMOUNT, <br /> <br />JULESBURG IRRIGATION DISTRICT <br /> <br />Page 2 of 4 <br /> <br />CONTRACT AMENDMENT #1 <br />